Tradeline Financials - Possible US Oil Production Cuts, Week 6 - 2015

Feb. 3, 2015 - PRLog -- Tradeline Financials is an independent, diversified financial services firm catering to all types of investors. Our goal is to understand, anticipate and meet our clients' changing financial needs with the vast array of high-quality products and services at our disposal.

Tradeline Financials - Possible US Oil Production Cuts, Week 6 - 2015

As the price of oil see's a rebound, data from the US could show a cut in production not seen since the 1980's.

Both Brent and US Crude saw gains early this week even as the world's largest energy company, Exxon Mobile reported fourth quarter profits for 2014 significantly down from 2013. The company reported profits of $6.57bn for the 3 months ending 2014 as opposed to $8.35bn seen in 2013.

Brent has seen a 1.3% rise and broke $55.00 in early trading with US Crude gaining 1.7% to hit $48.52.

Speculation that oil has hit is bottom is rife in the markets and this may be backed up if a cut in US production is seen.

Currently there are over 90 rigs idle in the US and with the surplus in stock of the last few months and OPEC no closer to a reduction in output it would make sense that we would see production slow in the US as it utilizes its reserves and waits for the price to stabilize.

The commodity has fallen over 50% since last summer's $100 per barrel and it was not long ago that black gold was trading closer to $150.

Gas at the pumps hasn’t been as cheap for the US consumer as it has of late and it has to be remembered that consumer consumption in the US accounts for over 60% of GDP.

Major Global Indices as of 3rd February 2015:

FTSE 100 - 6,782.55 (+0.49%)

S&P 500 - 2,020.85 (+1.30%)

SSE Comp - 3,159.11 (+0.98%)

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